The more artistic the profession, the less telling someone's formal education seems to be. Since programs can do anything that our minds can think, programming tasks range from the hardest of hard sciences (say, compiler optimization) to pure art (videogames, for example). I suspect the best compiler optimizers went to (and perhaps now work for) the best schools, while I doubt there's much correlation between schooling and great game developers.
Maybe that is true if your bag is Web 2.0 AJAX Rails etc etc. But I'll bet the people writing "serious" software (for example, safety-critical embedded systems) are treating it exactly the same as say Civil Engineers treat their jobs. I'd be very reluctant to call them "not good", how reliable is their work compared to the average website?